Linamar Corporation and the minority shareholders of Seissenschmidt AG (“Seissenschmidt”) today signed a definitive agreement for Linamar’s purchase of the remaining 34% of the shares of Seissenschmidt, which specializes in high volume hot forgings. Seissenschmidt has 3 primary locations in Germany, Hungary, and the United States. Linamar had previously announced that it had signed a definitive agreement to acquire 66% of Seissenschmidt.
The acquisition of the remaining shares enables Linamar to fully consolidate operations and control of Seissenschmidt creating a more effective entity better positioned to execute on Linamar’s strategy of offering integrated metal forming/machined solutions to its customers in certain targeted products such as gears.
“We are very pleased to be able to come to an agreement with the remaining shareholders of Seissenschmidt for 100% ownership,” said Linda Hasenfratz, Linamar’s CEO, “This will allow us to more effectively integrate operations into Linamar to allow us to really optimize our joint capabilites and create meaningful market share growth.”
The acquisition illustrates Linamar’s focus on innovation in manufacturing and advanced process capabilities and further its strategies of globalization and diversification. The acquisition of the 100% interest in Seissenschmidt is subject to, among other things, further due diligence and regulatory approval.
